Poverty is a bitter truth which exists in our society and after the current economic crisis, the amount of poverty and people live below the poverty line has increased heavily. The market in which poor people, who have limited income and very low level of literacy exists is known as Bottom of Pyramid Market (BOP). Companies, especially multinational companies always try to have some sort of challenges in entering in the region of BOP.
- In mitigating and managing the challenges related to the product development for BOP market could be resolved by the multinational companies (MNCs) by launch the product which are in immense need and with a very low pricing strategy. People live in this paradigm would not even concerned with the quality of the products, what they all want to is something which could be used to satisfy their needs (Zimmerman & Blythe, 2013). Companies and MNCs have to take care of these people because they cannot leave these people helpless and hopeless as well, hence having a low pricing strategy with less quality factor would be the targeted products in this particular region. Economical and low pricing toys is a main example of the same strategy which could be found in rural areas in number of developing countries
- The ethical and strategic implications of marketing are extremely important to maintain by the multinational companies while launching their products in the BOP region, which will not demoralize the ethical behavior of the people (Cant, 2009). It should not be reflected from any marketing activity that the company is not interested to market their products to this population.
- This particular marketing campaign predominantly in the BOP would not be as diverse and effective as it would have been done in the traditional marketing environment, because it has been planned and implicated according to the needs of the people lived in that area, also integrated towards their income level and rate if literacy.
References
Alan Zimmerman, J. B. (2013). Business to Business Marketing Management: A Global Perspective. New York: Routledge.
Cant, M. C. (2009). Marketing Management. London: Juta and Company Ltd.
